Markets closed slightly down again after the German Finance Ministry made negative comments about the possibility of an ESM banking license. In India, while the RBI held rates unchanged as expected, there were continued widespread power outages, leaving over 600 million without electricity.

I’d like to point out INXX- Emerging Global India Infrastructure ETF, has a weighting of over 6% in Power Grid Corp of India, the second largest holding of the ETF, and may offer exposure to these events. Another poor day for Biotechs, with XBI down nearly 2.75%, while Semiconductors performed well.

On the desk we saw sellers across sectors. We had outflows from international names, EWS-Switzerland, and PIE-Emerging Markets Technical Leaders. Municipal Bonds also saw outflows, with a seller of HYD-High Yield Municipal Bonds, as did other fixed income products, such as CWB-Convertible Securities, and CIU-Intermediate Credit Bond Fund. Domestic Sectors saw sellers of XLF- Financials, XLV-Healthcare, and XLU-Utilities. DBC-Commodity Index Tracking Fund, saw sellers as well.